In the outside markets, the NYMEX crude oil is $0.80 per barrel higher, the dollar is lower and the Dow Jones Industrials are 80 points higher.

One analyst, looking ahead to tomorrow, says the reaction to the USDA Reports will be broken into two parts. "Initial reaction will come from those who positioned themselves based on pre-report estimates.It will be a sharp knee-jerk reaction as those who either received or did not receive the numbers they expected having them panic out and others taking profits. I'm noting this so as to understand that the initial reaction may be different than the close of the trade. Reasons, analysts will need time to measure all numbers against near and long-term comparisons to determine whether the report is near or long term bullish or bearish."

Mike

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At mid-session:

The March futures corn contract is trading 2 cents higher at $6.97. The Jan. soybean futures contract is trading 2 3/4 cents higher at $14.22. March wheat futures are trading 3 cents higher at $7.48 per bushel. The Jan. soyoil futures contract is trading $0.26higher at $49.50. The January soymeal futures are trading $0.90 per short ton lower at $410.40.

In the outside markets, the NYMEX crude oil is $0.92 per barrel higher, the dollar is lower and the Dow Jones Industrials are 20 points higher.

Also:

--Egypt bought 115,000 tons of Canadian and U.S. wheat Thursday.

Mike

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At the open:

The March futures corn contract is trading 4 cents higher at $6.99. The Jan. soybean futures contract is trading 5 cents higher at $14.24. March wheat futures are trading 8 cents higher at $7.53 per bushel. The Jan. soyoil futures contract is trading $0.34higher at $49.58. The January soymeal futures are trading $0.40 per short ton higher at $411.70.

In the outside markets, the NYMEX crude oil is $1.06 per barrel higher, the dollar is lower and the Dow Jones Industrials are 11 points higher.

Mike

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At 8am:

Wow! Here are a number of fresh export sales announced by USDA Thursday:

--180,000 tons of U.S. soybeans sold to China.

--126,000 tons of optional-origin soybeans sold to China for 2013-14 delivery.

Soybeans=406,800 mt vs. the trade's expectations of between 200,000-400,000 mt

Wheat=233,700 mt vs. the trade's estimates of 200,000-450,000 mt

Mike

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At 6:40am:

--All the talk, this morning, has to do with China announcing higher industrial and commodity import activity for December. Specifically for soybeans, China imported 5.89 million tons, 9% on-year. For 2012, China imported 58.38 million tons, up 11% on-year. This news is strengthening the stock market's outlook for Thursday.

---Taiwan buyer purchased 35,000 mt of U.S. corn and soybeans, fearing a rise in prices following Friday's USDA Report.

Re: Floor Talk January 10

Scott has done a great job connecting Successful Farming/Agriculture.com to the floor. He certainly has a different perspective of the markets, not just ag, on a day-to-day basis. He enjoys when farmers stop by. He is more than happy to show you the place, talk farm markets, and spend time with you. And, although the traders do come up with some interesting jackets, the "cow" jacket has captured a lot of attention. And there is a neat story behind the jacket. But, I'll let OptionEye tell you that when you visit him in the pit.

Thanks for all you do too Nebrfarmr. By the way, what does your craziest looking jacket look like? Let's see it. Which brings up an idea. Maybe we should have fashion week, sometime, on Agriculture.com. Everybody can post a photo of their dirtiest carhartt, the jacket with the most holes, the two-layered coat that brings together the rattiest jackets that you could find hanging in the entry way, or that one jacket that is your favorite but the zipper broke years ago. Just a thought. What do you think? These are kind of like your 'trading jackets' right?

Re: Floor Talk January 10

Mike, have you lost your mind on this fashion show thing? Designer clothes retailers will take one look at these old worn out coats and absolutely go nuts. About the time we think our threads worn out and throw them away, these places wash them put a ridiculous price tag on them and then set back and watch them fly off the shelves. Wait, that's it. That just might be the economy booster we are needing. Great idea.

Re: Floor Talk January 10

thats interesting you mentioned the "Cow suit" My father and I where watching one of Scotts video and my mom happend by and watched it to,,,well the next day the markets went a little hay wire and she said "thats not what the guy in the cow suit said"

Re: Floor Talk January 10

My most interesting 'fashion statement' would be some of my army-surplus buys.

I have a pair of VERY warm insulated coveralls, that my wife will not allow me to wear anywhere but around the cows, especially if I have on the matching green hat, with the big 'Elmer Fudd' earflaps, and the chopper mitts, with the sheepskin on the back (to warm your nose).

Also, Shaggy has a point. There are some 'hip' fashion stores in the mall (I went to one with my nephew, who was spending some of his Christmas money for school clothes) that sell the oddest things. John Deere hats, that are torn and tattered, selling for $20. Or a similar John Deere sweatshirt, that comes new with holes, stains, and frayed seams, selling for $30-$40.

When I got home, I told the wife, to quit throwing away my old stuff, that we may very well have a treasure trove in the porch closet. Of course, she fails to see the wisdom of my idea, LOL

Re: Floor Talk January 10

Scott's videos live a longtime on the site. So, just make sure you are watching the most recent one, at the time of viewing. Oh and you're right, he's not always spot on. He'll be the first to admit that.